Luckin Boss Fined 300,000 Yuan for Disclosure Issues at His Other Firms
What’s new: Lu Zhengyao, founder of scandal-plagued Luckin Coffee Inc., received two fines totaling 300,000 yuan ($45,596) from China Securities Regulatory Commission, according to statements issued last week.
The first fine was linked to a car rental company owned by Lu which disclosed incorrect asset figures in its financial report for the period of January through March last year. The second was handed down to another of Lu’s companies, which did not disclose its relationship with Luckin and other firms Lu controls.
The background: In September, the Chinese regulator disclosed fines totaling 61 million yuan for two of Luckin’s domestic operators and 43 related third parties.
However, it did not explicitly target Lu for his role in the Luckin scandal as the company is listed in the United States and is beyond the regulator’s jurisdiction.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
Contact reporter Lu Yutong (firstname.lastname@example.org) and editor Matthew Walsh (email@example.com)
Support quality journalism in China. Subscribe to Caixin Global starting at $0.99.
Download our app to receive breaking news alerts and read the news on the go.
Jan 15 05:56 PM
Jan 15 05:49 PM
Jan 15 05:06 PM
Jan 15 02:10 PM
Jan 15 01:25 PM
Jan 14 06:58 PM
Jan 14 06:54 PM
Jan 14 04:42 PM
Jan 14 02:13 PM
Jan 14 01:01 PM
Jan 14 12:51 PM
Jan 14 12:36 PM
Jan 13 07:00 PM
Jan 13 06:47 PM
Jan 13 05:05 PM
- 1Chinese SOEs May Speed Up Delisting U.S. Shares Amid Trump’s Crackdown, Sources Say
- 2Getting out of Liangshan-Part One
- 3China Removes Limits on Credit Card Interest Rates
- 4Cover Story: Why China Faces Handicaps in Antitrust War With Tech Titans
- 5In Depth: China Applies Closer Scrutiny to Sprawling Tech Acquisitions
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas